Fitch Ratings Upgrades 2 Classes of Chase CMSC 1997-1.

NEW YORK -- Fitch Ratings has upgraded Chase Commercial Mortgage Securities Corp.'s commercial mortgage pass-through certificates, series 1997-1, as follows:

--$29.4 million class D to 'AAA' from 'AA';

--$10.7 million class E to 'AA' from 'A+'.

Fitch also affirms the following classes:

--$153.2 million class A-2 at 'AAA';

--Interest-only class X at 'AAA';

--$26.7 million class B at 'AAA';

--$26.7 million class C at 'AAA';

Fitch does not rate the class F, G, H, and I certificates. The class A-1 certificates have been paid off in full.

The rating upgrades reflect both the improved credit enhancement levels resulting from additional loan amortization, payoffs, and the defeasance of the Warner Financial and Medical Plaza loan (4.15%).

As of the May 2005 distribution date, the transaction's aggregate principal balance has decreased 44.9%, to $289.7 million from $533.8 million at issuance. To date, the deal has realized losses in the amount of $12.9 million.

GMAC Commercial Mortgage Corp, the master servicer, collected year-end (YE) 2004 financials for 49% of the pool balance. Based on the information provided the resulting YE 2004 weighted average debt service coverage ratio (WADSCR) was 1.51 times (x) compared to 1.48x at YE 2003 and 1.43x at issuance for the same loans.

Currently, there are no specially serviced or delinquent loans. However, Fitch remains concerned with the transaction's concentration in Ames (1.7%). Ames declared bankruptcy in 2002 and vacated their space. The loans remain on the master servicer's watchlist and the space remains vacant.

Fitch's rating definitions are available on the agency's public web site, www.fitchratings.com. Published ratings, criteria and methodologies and relevant policies and procedures are also available from this site, at all times. This document will remain on the public site for seven days.